Countries are competing to attract mobile investors, remote workers, retirees, and high-income families through visas, tax regimes, and residency programs. For Americans, the main options discussed include Portugal, Italy, Greece, Spain, the UAE, Mexico, Panama, Thailand, Malaysia, and New Zealand, each with different trade-offs around tax, residence, citizenship timelines, investment thresholds, and lifestyle.
Portugal: popular, but less predictable
Portugal remains attractive because of safety, coastal living, walkable cities, a mild climate, affordability compared with many U.S. cities, English usage, healthcare costs, and large expat communities in places such as Lisbon, Porto, Cascais, the Algarve, Faro, Lagos, and smaller countryside communities.
Common routes mentioned include:
- Golden visa
- D7
- D8 for remote workers
- D2 for entrepreneurs
The main downside discussed is the 2026 extension of the timeline to apply for nationality. This has caused some applicants already in the Portugal system to reconsider their plans.
A reported pattern is that some applicants are “rotating out” of Portugal because they do not want to wait several more years while risking further rule changes. Factors affecting the decision include:
- Age limits for dependent children
- Whether the investment was in a closed fund, open-ended fund, or real estate
- Penalty clauses
- Whether a real estate investment can be sold at a profit
- Concern that other options are becoming more expensive or limited
Other programs mentioned as becoming harder, more expensive, capped, or closed include Paraguay, Malta, Greece, Turkey, Montenegro, and Cyprus.
Some Portugal applicants are instead considering Caribbean, Pacific, or African passports, Malta citizenship by investment or similar programs unclear, New Zealand investor visas, or Italy.
Italy: lower investment, but no direct comparison with Portugal
Italy is described as attractive to some Portugal applicants because payment is made only after approval. The investment figure mentioned is €250,000, compared with €500,000 for Portugal.
Italy’s tax regime is also discussed. The flat tax on foreign income is described as having increased from €100,000 to €200,000 and then to €300,000, partly following increased demand after the UK closed its non-dom regime.
The transcript also notes that Italian citizenship by descent rules became harder around summer 2025, making earlier applicants better positioned than later ones.
Greece: real estate and flat tax option
Greece is described as similar to Italy in some respects, with both golden visa and tax residency options.
The Greek non-dom tax option is stated as €100,000, while Greece remains one of the few remaining European options with a pure real estate golden visa route.
The broader trend described is that programs are moving away from real estate and toward job creation, business building, funds, or other productive investment. Greece is presented as the main remaining option for someone wanting a passive titled real estate asset linked to residence.
Spain: attractive for lifestyle and some citizenship paths
Spain is presented as a different segment from tax-free or flat-tax jurisdictions. It is attractive for cost of living, environment, culture, and a citizenship pathway that is generally ten years.
The key distinction is that people with Latin heritage or a Latin partner may have a much shorter path to citizenship. The transcript describes North American clients with Latina or Latino partners choosing Spain for this reason.
The main route discussed is not the golden visa. Instead, the transcript highlights the non-lucrative visa, which requires proof of income and private health insurance. The process is described as fast, with entry possible in about three months.
Spain’s Beckham Law is also mentioned as a tax regime, with rates described as being in the mid-to-high 20% range.
UAE: still useful as a foothold, but no longer purely tax-free
The UAE is described as having changed from a fully tax-free environment to one with 5% VAT and 9% corporate tax. The transcript notes increased compliance requirements and stricter enforcement by the Federal Tax Authority.
Despite this, many globally mobile individuals still keep a UAE foothold, often through a golden visa. Routes mentioned include:
- Real estate
- Bank deposit
- Employment
- Nomination, depending on profile
The UAE is framed less as a full-time tax home for everyone and more as a business and networking hub for high-net-worth individuals.
The Strait of Hormuz situation is mentioned as one reason some people have considered alternatives.
Mexico: proximity, community, and lower property taxes
Mexico is described as attractive for Americans because of proximity, an established American community, lower property taxes, lifestyle, and a less regulated environment.
The transcript states that nearly 1 million American citizens are in Mexico. It also describes many retirees and semi-retirees using residency routes that can convert to permanent residence after four years, with some later obtaining nationality.
The program has reportedly become tighter. Temporary residence is described as requiring roughly:
- US$4,400 per month in income, or
- Around US$74,000 in savings
The exact requirement may vary by consulate, so applicants should check before applying.
The transcript says Mexico generally leaves foreign income alone in practice for residents living outside, but emphasizes that U.S. citizens still have U.S. filing obligations.
Panama: similar appeal to Mexico
Panama is compared with Mexico because of proximity to the U.S., retiree appeal, healthcare, and its role as a transit point into South America.
It is also described as more familiar for Americans because of its dollar-denominated currency.
The transcript notes a significant Jewish community and increasing interest from that group, according to contacts cited in the transcript.
New residency legislation is mentioned as a reason Panama may see increased interest, although details are not provided.
Thailand: LTR visa and foreign-sourced income treatment
Thailand is described as attractive for holidays, longer-term living, and semi-permanent residence.
The Long-Term Resident Visa is described as a 10-year visa. For the right categories, Thailand is described as not taxing foreign-sourced income.
To qualify, the transcript states that applicants need:
- US$1 million in global assets
- A possible US$500,000 investment in Thailand
The previous US$80,000 income requirement is described as having been removed in February of the previous year, making the route asset-based with no income figure required.
Thailand is described as one destination some people considered after issues in the UAE.
Malaysia: MM2H and fixed deposit tiers
Malaysia is described as attracting renewed interest through the Malaysia My Second Home program.
The appeal is linked to territorial taxation and fixed deposit tiers. The tiers mentioned are:
- Silver: US$150,000
- Gold: US$500,000
- Platinum: US$1 million
The fixed deposit earns interest tax-free under the foreign funds exemption, according to the transcript.
A caveat is that applicants also need to buy property in Malaysia. The property market is described as not among the strongest currently, although the program remains attractive to some retirees.
Some people who moved to Malaysia later relocated to Hong Kong or Singapore because they wanted a more active lifestyle.
New Zealand: high threshold, strong lifestyle appeal
New Zealand is described as attractive for a particular higher-net-worth segment because of its natural environment, universal healthcare, English language, pathway to permanent residence and citizenship, and tax features.
The Active Investor Plus program is described as starting at US$2.8 million, equivalent to NZ$5 million. A higher tier is described as double that amount.
Tax points mentioned include:
- No inheritance tax
- No broad-based capital gains tax on most assets
The transcript states that 40% of applicants for New Zealand permanent residence programs are American.
New Zealand is also described as having relaxed rules around buying or building property on land, though details are unclear.
U.S. tax compliance remains central
For U.S. citizens, moving abroad does not end U.S. filing obligations. The transcript specifically mentions FATCA and citizenship-based taxation.
Any move involving foreign residence, foreign income, tax regimes, or new passports should be coordinated with U.S. tax advice. Destination-country tax benefits do not automatically remove U.S. reporting or compliance requirements.
Practical comparison
The main decision criteria are not the same for every applicant:
- Portugal may still suit those already committed to the system, but nationality timing changes have made some applicants reconsider.
- Italy and Greece appeal to those seeking flat-tax regimes and European residence options, with Greece still linked strongly to real estate.
- Spain may be attractive for lifestyle and for applicants with Latin heritage or a Latin partner.
- The UAE remains useful as a regional hub and golden visa foothold, despite VAT, corporate tax, and compliance changes.
- Mexico and Panama appeal to Americans seeking proximity, community, and lifestyle.
- Thailand and Malaysia offer Asian residence options with foreign-income or territorial-tax features.
- New Zealand targets a much wealthier segment, with higher investment thresholds and lifestyle/tax advantages.
The broader caveat is that residence and citizenship programs can change once they become popular. Thresholds may rise, timelines may lengthen, and programs may close. Applicants should compare current rules, tax exposure, family timing, investment liquidity, and passport goals before committing.
